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DTN Early Word Opening Livestock       04/21 08:02
   Meat Futures Set to Open Mixed in Late-Week Action

   The cattle complex should open on a mixed basis thanks to profit-taking and
positioning ahead of the April 1 Cattle on Feed report. Lean hog futures are
also likely to open with uneven prices tied to follow-through selling and
pre-weekend short-covering.

By John Harrington
DTN Livestock Analyst



Cattle: Firm w/Wed     Futures: Mixed   Live Equiv $144.95  + .65*
Hogs:   Steady-$1 LR   Futures: Mixed   Lean Equiv $ 79.94  - .20 **

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   While some clean-up activity in cattle feeding country is certainly possible
Friday, our guess is that cash business is essentially done for the week. It's
been a week with the highest live bids seen since May of 2016. Furthermore,
many closeouts show per head profits of $350 or better. What's not to like? The
April 1 Cattle on feed report will be released Friday afternoon at 2 p.m. CDT.
Average guesses call for March placement to be 7% to 8% larger, and March
marketing to be 9% to 10% greater. Total on feed is expected to come in
virtually unchanged from 2016. Live and feeder futures seem staged for a mixed
opening thanks to profit-taking and pre-report positioning.
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